The Central Bank of Cyprus announced the appointment on Monday of an administrator to wind up second largest lender Laiki under a painful restructuring plan that was a condition of a eurozone bailout.
“The CBC announces that in its capacity as the resolution authority, it has, as of today, appointed Ms Andri Antoniades as the special administrator to implement the restructuring of Laiki Bank,” a statement said.
“She is a member of the Institute of Certified Chartered Accountants with 28 years of banking experience; 25 years with HSBC acting as CEO for the last five years and three years as General Manager with NBG Cyprus Ltd.”
Under the terms of an 11th-hour deal agreed with the European Union and International Monetary Fund early Monday to save the island from bankruptcy, Laiki, or Popular Bank, will be restructured into “good” and “bad” banks.
The “good” bank is to be merged with the sound parts of largest lender Bank of Cyprus with the threat of substantial job losses in the medium term.
Cyprus central bank names administrator for Laiki
